BankEX: The future of Tokenization

BankEx is a startup company that aims at uniting members of the financial markets in order to build a community and implements a Proof-of-Asset Protocol that will enable community members to profit from the mutual use of assets. BankEx aims for a revolutionary take on the decentralized Bank-as-a-Service exchange system by specializing in the tokenization of non-liquid banking assets while utilizing the power of the blockchain API. BankEx makes use of several advanced financial technologies to make fungible derivatives and trade them without moving substantial assets out of bank security perimeters, this is quite similar to Brent futures for the oil market.

The core product of BankEx is the Proof-of-Asset Protocol, which solves the recurrent problem of non-fungible asset liquidity. The concept of Proof-of-Asset refers to tokens released as part of the protocol when ensured with an asset. Such Smart Assets could be sold worldwide shaping a new generation of decentralized capital markets. In essence, the know-how of BankEx’s Proof-of-Asset protocol is possible through the combination of BaaS (Bank-as a-Service) and today’s blockchain technologies. BankEx takes on a client’s asset, primarily located on the financial market, and tokenizes it, then, without waiting for the portfolio to accumulate critical mass, they turn this asset into money for the bank.

They are able to do this through the formation of a single pool of similar assets, for example, a pool of banks. As a result of this, they can successfully create a marketplace where banks benefit from liquidity and investors benefit from a predictable and transparent cash flow. The system creates a standard using a Proof-of-Asset protocol (PoA) that enables a new generation of assets and contracts creating new and holistic decentralized capital markets in and for themselves. Just as we have the Internet of Things (IoT), Bankex is in the process of building an Internet of Assets (IoA) on the principles of Bank-as-a-Service (BaaS), powered by the Internet of Things (IoT) and Artificial Intelligence (AI) technologies.

The BankEx Proof-of-Asset (PoA) protocol is open for 3rd party financial tech providers, AI and IOT labs, traditional financial institutions, and asset owners. Their products as at the time of writing include

  • Decentralized KYC
  • Crowdfunding of rejected loan applications
  • Cash flow securitization, etc.

BankEx has successfully partnered with over 10 banks and several multinational companies including Moscow exchange, Microsoft, and IBM. They are currently preparing to make SEC-compliant Initial Coin Offering of BankEx cryptocurrency in Singapore jurisdiction.

BankEx and Bank-as-a-Service (BaaS) Protocol

Bank-as-a-Service (BaaS) serves as the building block for new financial products that are integrated with multiple existing technological solutions and jurisdictions. On one side of these platforms are inventors of various technologies, and on the other are fintech-companies wishing to launch a new product or expand to a new market. All companies essentially work at establishing access to the end client, be it a bank, a fintech company, an internet platform, a stock exchange or an insurer. Using BankEx platform, they are able to do this quickly and efficiently, without the need to work out integration with the legislation of every country and every new bank from scratch. Since the platform already contains technological and legal integration, it can provide access to a new player more cheaply and more quickly.

Private and public token sales

BankEx’s token (BKX) pre-sale is slated for August 21th 13:00 GMT. During this pre-ICO sales, early buyers will have the opportunity to buy 3 million tokens, totaling a minimum investment of $10 million. The pre-ICO will end on November 21th, 2017. The breakdown is as follows, 500,000 tokens will be sold at $0.20 USD, a further 500,000 tokens at $0.25, one million will be sold at $0.30 and a final $1 million at $0.33. During the pre-ICO, only accredited private buyers will be allowed to participate, with a minimum purchase threshold of $10,000. A subsequent offering is planned to occur not earlier than 2019, during which a further 100 million tokens will be placed on sale.

BankEx roadmap

2015: Creation of BANKEX Fintech Lab.

Feb 2017: BANKEX and Microsoft sign a blockchain technological development partnership, receiving Microsoft Azure Sponsorship of $120000.

October 2017: Release of the Demo-version of Proof-of-Asset Protocol.

1Q-2Q 2018: Asset-Backed on the Exchange BANKEX.

2020: Creation of a financial bridge between the two worlds: Crypto & FIAT.